Tanzanian Gold announces 4,291,000 ounces of gold contained in unclassified resources at the conclusion of its Phases 1 & 2 Resource Upgrade drilling along the 1.2km Buckreef Shear Zone
TORONTO, Feb. 14, 2020 (GLOBE NEWSWIRE) -- Tanzanian Gold Corporation’s (TSX:TNX) (NYSE American:TRX) (the “Company’s”) Board of Directors is pleased to announce Unclassified Mineral Resources for
the 1.2km long Buckreef Shear Zone that amount up to 4,291,000 ounces contained in 242.4 million tons grading at 0.57 g/t Au at a block cutoff grade of 0.1 g/t Au. The Unclassified Mineral
Resources are from an unconstrained block model using all the drilling results to date. Results at higher cut-off grades are shown in the table below.
As a consequence of the drilling program the Company completed in 2019, the largest drilling campaign in the Company’s history amounting to over 17,650m in 60 holes during which a significant number of exploration targets were identified which require further drilling to upgrade the gold mineralization encountered in these exploration areas to the Inferred category.
Further, as the gold mineralization in the Buckreef Shear Zone is still open along strike to the northeast and down dip a Phase III drilling program has been started to further test the continuity of the mineralization at ultra-deep levels below mineralization encountered in Phase II.
And finally, the new global estimate of Mineral Resources in the Buckreef Shear Zone was derived from a new resource model developed for the Company that combines geological information such as major rock units, structures, alteration styles and assay data from over 1,000 holes that amounted to approximately 140,000m that were drilled along the Buckreef Shear Zone. The new model includes holes drilled by previous owners of Buckreef as well as holes drilled by the Company since it acquired Buckreef in 2011; and includes the results from the drilling campaign in 2019.
In view of these considerations, the Company has elected to, in the first instance, give these unconstrained Resource estimates the designation of Unclassified – Exploration Targets. A NI 43-101 Technical Report will be released in 45 days by Virimai Projects as part of the continuation of the results reported in the Pre-Feasibility Report published in June 2018. This estimate will culminate Estimated Mineral Resources categorized into Measured, Indicated and Inferred Resources.
|Cut off Grade||Tonnage||Grade Au (g/t)||Tonnes Au||Oz ('000)|
Source: Virimai Projects